Portsmouth Sales Statistics – July 2008

Portsmouth residential sales decreased by 27 percent in July compared to July 2007, causing the average market time to increase 22 percent, from 58 days to 71 days. The median and averages sales prices increased, 1 percent and 2 percent, respectively, bringing the average sales price to $191,650.

What do these statistics mean for Portsmouth real estate buyers and sellers?

The Portsmouth real estate market has not started to stabilize yet, but remains a great time to buy a home. Especially with the new first time home buyer incentives provided for in the Housing and Economic Recovery Act.

Portsmouth Real Estate Market Report

Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.  

NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®.

Also read:

Virginia Beach Real Estate: South Hampton Roads Market Report July 2008
Virginia Beach Real Estate: Portsmouth Market Report June 2008
Virginia Beach Real Estate: Chesapeake Market Report May 2008
Fannie Mae Lowers Down Payments For Virginia Beach Real Estate Borrowers
Virginia Beach Real Estate: Luxury Home Buyers Wanted

To learn more about Portsmouth and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Search all Portsmouth and Virginia Beach homes for sale.

Find out what your home is worth.

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.

Norfolk July 2008 Market Report & Sales Statistics

Residential sales in Norfolk dropped by 21 percent in July compared to July 2007, causing the average market time to increase 22 percent, from 64 days to 78 days. The median sales price decreased 1 percent, while the average sale price increased 6 percent to $260,274.

 What do these sales statistics mean for Norfolk real estate buyers?

The Norfolk real estate market has not started to stabilize, however, values are appreciating and remains a great time to buy a home. Especially with the new first time home buyer incentives provided for in the Virginia Beach Real Estate: Housing & Economic Recovery Act.

National Association Reports Sales Increase

Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.  

NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®.

Also read:

Virginia Beach Real Estate: South Hampton Roads Market Report July 2008
Re-capturing the American Dream With Virginia Beach Real Estate
Virginia Beach Real Estate: South Hampton Roads Market Trends
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Virginia Beach Real Estate: Norfolk Market Report June 2008
Virginia Beach Real Estate: Norfolk Market Report May 2008

To learn more about Norfolk and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Search all Chesapeake and Virginia Beach homes for sale.

Find out what your home is worth.

 Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.

Chesapeake Real Estate Market Report

Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.  

NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®.

Let’s take a look at the Chesapeake real estate market activity to see how sales are increasing locally.

Chesapeake July 2008 Sales Statistics

Residential sales in Chesapeake dropped by 7 percent in July compared to July 2007, causing the average market time to increase 24 percent, from 68 days to 84 days. The good news is, the median sales price increased 2 percent, while the average sale price increased 1 percent to $305,880.

What do these statistics mean for Chesapeake real estate buyers?

The Chesapeake real estate market has not started to stabilize and remains a great time to buy a home. Especially with the new first time home buyer incentives provided for in the Virginia Beach Real Estate: Housing & Economic Recovery Act.

Also read:

Virginia Beach Real Estate: South Hampton Roads Market Report July 2008
Virginia Beach Real Estate: South Hampton Roads Market Trends
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008
Virginia Beach Real Estate: Chesapeake Market Trends June 2008

To learn more about Chesapeake and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Search all Chesapeake and Virginia Beach homes for sale.

Find out what your home is worth.

 Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.

Virginia Beach Real Estate Market Report

Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.  

NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®.

Let’s take a look at the Virginia Beach real estate market activity for this July to see what is happening locally.

Virginia Beach July 2008 Sales Statistics

Residential Virginia Beach real estate sales dropped by 18 percent in July compared to July 2007, causing the average market time to increase 11 percent, from 56 days to 67 days. The median sales price decreased 6 percent to $255,000 and the average sales price decreased 9 percent, dropping to $304,470.

What do these statistics mean for Virginia Beach real estate buyers and sellers?

Our market has not started to stabilize yet, but remains a great time to buy a home. Especially with the new first time home buyer incentives provided for in the Virginia Beach Real Estate: Housing & Economic Recovery Act.

Also read:

Virginia Beach Real Estate: South Hampton Roads Market Report July 2008
Re-capturing the American Dream With Virginia Beach Real Estate
Virginia Beach Real Estate: Housing & Economic Recovery Act
Virginia Beach Real Estate: South Hampton Roads Market Trends
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008

To learn more about South Hampton Roads and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Please use our complimentary Virginia Beach real estate search.

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.

South Hampton Roads Real Estate Area Market Report

Existing-home sales rose from the first quarter in 13 states, largely from buyers responding to discounted home prices, according to the latest quarterly survey by the National Association of Realtors®. Nearly one-quarter of metropolitan areas showed rising home prices in the second quarter from a year ago, with greatly mixed conditions continuing around the country.  

NAR President Richard Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said foreclosures are distorting the price data. “In many areas with large concentrations of foreclosure sales, homes are being purchased below replacement cost values,” Gaylord said. “Many buyers with long-term expectations are getting exceptional value in the current market. Once the inventory is drawn down, price pressure will return because the costs of construction are rising – today’s buyers are very well positioned to build wealth over time.” National Association of Realtors®

Let’s take a look at the South Hampton Roads real estate market activity, including Virginia Beach, Chesapeake, Norfolk, Suffolk and Portsmouth, Smithfield and Isle of Wight for this July.

South Hampton Roads July 2008 Sales Statistics

Residential sales in South Hampton Roads dropped by 18 percent in July compared to July 2007, causing the average market time to increase 13 percent, from 63 days to 76 days. Both the median sales price and the average sales price decreased 4 percent, dropping to $249,000 and $287,302, respectively.

What do these statistics mean for South Hampton Roads and Virginia Beach real estate?

Our market has not started to stabilize yet and remains a great time to buy a home. Especially with the new first time home buyer incentives provided for in the Housing and Economic Recovery Act.

Also read:

Virginia Beach Real Estate: Housing & Economic Recovery Act
Virginia Beach Real Estate: South Hampton Roads Market Trends
Virginia Beach Real Estate: South Hampton Roads Market Report May 2008

To learn more about South Hampton Roads and Virginia Beach real estate, please contact us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Search all South Hampton Roads and Virginia Beach homes for sale.

Statistics compiled from Real Estate Information Network. They are deemed reliable, but not guaranteed.

Even in a slower economy, purchasing Virginia Beach real estate can still be a step toward achieving your own.

In the past, owning a home has always been perceived as a major component of the “American Dream.”  Unfortunately, because of the recent real estate market activity, home-ownership is often seen now as more of a nightmare than a dream.  But that doesn’t have to be the case!  Even in a slower economy, purchasing Virginia Beach real estate can still be a step toward achieving your own “American Dream!”

Inman News offers some reasons why home ownership still has benefits and advantages, including:

The opportunity to build equity and create wealth over time.

• Protection from rent increases or eviction at the whim of a landlord.
• The pleasures of a relatively larger home, suitable for a family, and with a backyard, garage or other auxiliary space.
• The freedom – design review boards notwithstanding – to improve, remodel or redecorate to suit one’s own style and budget.
• A variety of lucrative income-tax breaks.
• Pride of ownership and a greater sense of security and stability.

So, if you are thinking of purchasing Virginia Beach real estate, now is the time!  Don’t let the negative media attention on the market get you down – home ownership is still an attainable goal and a big part of the American Dream.

If you are ready to begin looking at Virginia Beach real estate, please call us at 866-222-0158 #550 or visit ButlerTeamHomes.com. 

Virginia Beach home buyers are interested in energy efficient features of green homes and the potential cost savings of such features.

Not so long ago helping the environment meant recycling plastic and newspapers, but today it has evolved into “green” thinking and extends to our homes and our living environments.

According to a recent NAR survey, nine out of 10 Realtors® said home buyers are interested in energy efficient features of green homes and the potential cost savings of such features. An overwhelming 90 percent agreed there will be even more interest in green building practices a year from now.

Results of a Harris Interactive poll by Move, Inc. show potential home buyers consider “green” building features more important than luxury amenities. Almost half of the adults surveyed (49 percent) said features such as solar panels or energy-saving appliances were “important,” compared to just 31 percent who rated luxury amenities important.

Ninety-three percent of all home buyers are not willing to pay more for green or energy efficient features when building a home, according to a recent independent study commissioned by The New York Times Customer Insight Group.

However, a recent survey from Green Builder Media reports U.S. and Virginia Beach home buyers are willing to pay a premium for more environmentally friendly, green-built homes.

More than half of home builders surveyed (250 residential builders across the U.S.) said that buyers are willing to pay a premium of between 11-25 percent for green-built homes. The same builders report that the average green home buyer is between the ages of 35-50 with a college degree and fair understanding of green products.

Despite the conflicting statistics, the U.S. Green Building Council believes thinking “green” is an industry trend, rather than a passing fad; not only does it save on energy costs, it is better for our overall health and the environment as a whole.

Interested is buying a Virginia Beach home with environmentally-frienldy “green” features? Visit our website, ButlerTeamHomes.com or give us a call at 866-222-0158 #550.

Search all Virginia Beach real estate and homes for sale.

If you have been trying to sell your Virginia Beach real estate recently, you probably have realized that this is not the ideal time to try to sell a house.  With a struggling economy and negative media surrounding the housing market, homes are staying on the market for longer and longer as fewer buyers are making offers on them.  So – what do you do if you find yourself in a situation that requires you to sell your home in a hurry?  The Wall Street Journal offers the following tips that I hope you’ll find helpful:

1. DON’T WAIT AROUND.

Even in the better housing areas, it’s taking a long time to sell houses; so, don’t try to sit out the market. That’s what hundreds of other timid sellers are doing, each of them hoping — somehow, some way — that hanging on the sidelines will improve prices and, ultimately improve the chances of a successful sale. It won’t. If you want your place sold, the best way to make sure that happens is to put it up for sale.

2. FIX IT UP AND CLEAN IT UP.

Buyers are taking your house out on a date. It has to make a good impression.

You don’t have to (and shouldn’t!) spend a lot of money, but ensure everything is in good working order.  As you get closer to the date that the house is actually on the market, start moving out by decluttering – buyers don’t want to see a house filled to the rafters with other people’s things.

3. PRICE IT CHEAPLY.

Don’t fight the market by trying to price your house at bubble-era levels or by factoring in all those improvements you made.  In today’s market, your best bet is to set a realistic, salable price on day one. Don’t let the house hang around on the market as you gradually lower the price. Forget what you think the house should be worth or what it was worth three years ago. That’s not what it’s worth today.

4. HIRE A TOP REAL-ESTATE AGENT.

Get the best listing agent you can find.  When everything was selling before it even hit the market, of course, you didn’t need the best.  Sellers of higher-end properties may be able to negotiate a lower commission percentage, but this is no time to quibble over a couple of percentage points. Also, offer the agent a big bonus if he or she sells the house in 30 days or at your asking price. Offer other agents bonuses if they bring in the ultimate buyer.

5. PROMOTE. PROMOTE. PROMOTE.

The agent should pay the usual marketing costs, but you should be prepared to pony up for extras, especially if you insist on more expensive or untraditional promotions.

Make sure your house is on the leading real-estate Web sites; Trulia, Zillow, Cyberhomes, Eppraisal and Realtor.com are some of the top ones.

Beyond that, get really creative. Advertise in corporate newsletters and intranet listings. Check in with local relocation firms that help transferring corporate executives find new homes. List the house on eBay. Put it on Craigslist. Put it in your church bulletin.

6. PLAY THE BANKER.

As bad as things are, there’s one big factor in your favor: the tight credit market. If you have no mortgage you have to pay off, your strongest selling point might be your ability to finance all or a substantial part of a buyer’s purchase.

You’re a lot more flexible than a bank that has the Federal Reserve looking over its shoulders, so you might even be able to charge a higher interest rate than a commercial lender as well as command a higher sale price.

7. TAKE THE OFFER.

If any qualified buyer comes in with a reasonable offer, be prepared to accept it.

Negotiate, of course, but recognize that the buyer has a lot more clout than you do. Your house, as wonderful as you think it is, is worth only as much as someone is willing to pay for it.

If you are considering selling your Virginia Beach real estate, let my experience work for you!  Please call us at 866-222-0158 #550, visit ButlerTeamHomes.com.

Vacation every day! This is not just a house, this is a lifestyle.
9524 8th Bay Street, Norfolk VA 23518

Vacation every day! This is not just a house, this is a lifestyle. This 4 bedroom, 2.5 bath house is on Pretty Lake in Norfolk VA and has a boat slip with a 10,000# boat lift. Set sail from your boat slip and within minutes you’re on The Chesapeake Bay.

Fantastic views of Pretty Lake from either deck, cathedral ceilings and skylights add to the airy and comfortable feeling of this transitional style house. Fireplace, eat in kitchen, separate master suite level, 2 zone HVAC, utility room, and a home warranty too!

If you only have time to see one house…. This should be the one you see! It will make you instantly feel like you have come home for good. Thoughtfully designed & built, perfectly maintained, . Nothing left to chance here. Great neighborhood, convenient to everything, yet off the beaten track so you won’t have traffic problems. Nice neighbors? YES! One of the nicest group of people you will ever have the pleasure of meeting.

Give us a call to schedule your private viewing, 866-222-0158 #550. Search all Norfolk real estate and homes for sale.

Virginia Beach Second-home Sellers Pay For Tax Credits

You have probably heard, last week President signed into law the Housing Rescue and Foreclosure Prevention Act. This is the most comprehensive housing bill to be enacted in over a decade. The bill is designed to help more buyers of Virginia beach real estate realize their dreams, as well as, boast the struggling housing and mortgage markets.

One of the biggest benefits, and probably one of the most talked about provisions in this legislation, is the $7,500 tax credit to first time home buyers. Tax breaks are all well and good, but they have to be paid for somehow. While first time home buyers are getting a break, second home sellers will be paying for the $15.1 million dollars in tax cuts.

Up until the new legislation went into effect last week, homeowners could exclude up to $250,000 taxable profit on the sale of their home if they’re single taxpayers and $500,000 if married filing joint returns. The catch being, they had to live the in house as their primary residence for two of the five years before it is sold.

Many second home owners took advantage of this by moving into a property that was once a rental or vacation home, live there for two years prior to selling and benefiting from the tax-free profit.

With the new legislation, owners selling on or after January 1, 2009 will have to factor out the period when the property was still a rental or vacation home and pay taxes on that portion of the profit.

Here’s an example courtesy of BankRate.com:

Jim and Joan are in their 50s and next January buy a vacation home for $200,000. Ten years later, they retire, sell their old principal residence and make the vacation home their new principal residence. Fifteen years after that, Jim and Joan, now in their 80s, move to an assisted-living community and sell the vacation-turned-primary-residence for $700,000. That nets them a gain of $500,000.

Under pre-housing bill statute, Jim and Joan wouldn’t face any tax on the entire $500,000 gain.

The new law, however, means that Jim and Joan can exclude only 15/25, or 60 percent, of the gain. That would give them $300,000 of nontaxable property sale profit and $200,000 upon which they would owe long-term gain taxes.

As you can see, the new legislation significantly affects second home owners and their retirement strategies. The second home market has remained strong in the last few years, but this may change dramatically in the near future….something congress may not have intended.

If you own Virginia Beach real estate and are in the middle of converting your second home to your main residence, you could be out of luck. If you don’t have enough time left in 2008 to meet the two year lived-in rule and sell the property, when you do sell next year, you will pay.

If your need to sell your Virginia Beach home before January 1, 2008, give us a call at 866-222-0158 #550. We will help you get the highest price for your Virginia Beach real estate before the end of the year!

Get the current market value of your Virginia Beach home.

Also read:
Virginia Beach Real Estate: Housing & Economic Recovery Act
Virginia Beach: Top 10 Greenest Places To Retire
Things You Should Know About Moving To Virginia Beach
10 Things You Should Know About Today’s Virginia Beach VA Real Estate Market